Even smart people caught by CLICO salesmen – Sir Henry

An independent senator said some insurance salesmen are so good they could “sell their grandmothers”, therefore he was not shocked that intelligent people were convinced to buy products in the failed CLICO International Life Insurance Company even in its dying days.

Sir Henry Fraser made the point today as contributed to debate in the Senate on the CLICO International Life Insurance Guarantee Amendment Bill 2017.

Offering his full support to the amendment, Sir Henry said although the process of trying to salvage the operations of the multi-million-dollar insurance company had taken some years “it was the so obvious that it was it was the right thing to do”.

“Many of us would be aware that the skills that go into salesmanship can be quite extraordinary. There are some people who can successfully sell their grandmother,” the retired Dean of the Faculty of Medical Sciences at the Cave Hill Campus of the University of the West Indies told the Upper House.

“There are people who have the skills of persuasion that are so extraordinary that even intelligent people, professional people will fall for this argument with the assurances that this company, after all is a large company, is all over the Caribbean and done such wonderful things . . . and how could it possible go wrong?

“With powers of persuasion of that quality, many people who were quite intelligent could be deceived,” he pointed out, adding that “I have not been, thankfully, a victim of CLICO’s indiscretions, their incompetence, their mismanagement and their infelicities . . . but I have been on the telephone three times . . .  with people who have been victims, people who have put their entire investments because of these persuasive, successful aggressive sales persons who have gone through courses to teach them how to sell their grandmother”.

Sir Henry said he had to offer a shoulder to cry on for people who had been devastated by the collapse of CLICO back in 2009.

At the same time, the Senator questioned why the matter of CLICO’s collapse had not been a major talking point at Caribbean Community Heads of Government conferences.

2 Responses to Even smart people caught by CLICO salesmen – Sir Henry

  1. Angus Benn
    Angus Benn December 6, 2017 at 9:30 pm

    Every one who was at the head of CLICO should be
    in jail serving 99 years like Allan Stanford. Only in the Caribbean that these men who have politicians in the palm of your hand could do these things and get away with murder. I want when the opposition leader win the government to put all of them in jail.

    Reply
  2. hcalndre December 7, 2017 at 8:45 pm

    @Angus Benn; Jail is not for those so call big boys of Barbados so they don’t have to worry who wins the government, you said that Stanford is doing 99 years, Madoff is doing 150 for his Ponzi scheme. Where? in the US not Barbados.

    Reply

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